Which of the following would cause a decrease in the supply of milk?
A) an increase the price of a product that producers sell instead of milk
B) an increase in the price of cookies (assuming that milk and cookies are complements)
C) an increase in the number of firms that produce milk
D) a decrease in the price of milk
A
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The statement, "My Hello Kitty Limited Edition Vespa scooter is worth $5,500" represents money's function as a
A) medium of exchange. B) store of value. C) standard of value. D) commodity.
If individuals' demand in the marketplace does not reflect their true welfare:
A. the market result will be inefficient. B. total surplus will be maximized. C. consumer surplus will be negative. D. the market result will still be efficient.
John has been laid off from his job because of a general downturn in the economy. John's unemployment is best classified as
A) structural. B) cyclical. C) frictional. D) full. E) avoidable.
Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito
What is the slope of this demand function, and what information does the slope provide?